The strong EPS beat and sharp decline in NPAs are clear positives, but the $5.5M provision on a single office CRE loan and elevated core charge-offs (53 bps) warrant monitoring. Watch the Q3 2026 earnings call for updates on the core conversion timeline and whether the $6.1M savings guidance is on track.
Price Chart
Executive Summary
Primis Financial Corp. reported Q2 2026 GAAP EPS of $0.38, beating the $0.33 consensus estimate by 15.2%, and net income of $9.4M vs $2.4M a year ago. The beat was driven by a $5.9M gain on the sale of Bearing Insurance and strong mortgage banking income, partially offset by a $5.5M provision for credit losses on one large office CRE loan. The company also announced a core conversion initiative expected to generate $6.1M in annual earnings improvements beginning late 2026, and NPAs declined 37% sequentially to $63M, signaling improving credit quality.
Key Financial Metrics
Key Facts
- Q2 2026 GAAP EPS of $0.38 beat consensus of $0.33 by 15.2%
- Net income of $9.4M vs $2.4M in Q2 2025, a 287% increase
- Net interest margin expanded to 3.45% from 2.86% a year ago
- Nonperforming assets fell 37% sequentially to $63M, from $100M at March 31, 2026
- Core conversion initiative expected to add $6.1M in annual earnings starting late 2026
- Mortgage banking income rose 44% YoY to $11.4M
- Declared quarterly dividend of $0.10 per share, 59th consecutive quarterly dividend
Financial Impact
Q2 2026 net income of $9.4M vs $2.4M YoY; EPS $0.38 vs $0.10 YoY; NIM expanded 59 bps to 3.45%
Risk Factors
- Elevated provision for credit losses ($5.5M) tied to one large office CRE nonaccrual loan
- Core net charge-offs rose to 53 bps annualized from 15 bps a year ago
- FHLB advances increased to $300M from $0 a year ago, adding funding cost pressure
- Core operating expense burden increased to $24.9M from $22.3M YoY
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 1 press release from GlobeNewswire.
| Document | Accession Number |
|---|---|
| PRESS-RELEASE Data (Synthetic) | press-prn-302833482 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 23, 2026 3d ago | 8-K | $15.28 $14.73 | ▲ +3.60% | ▲ +4.31% | $14.73 (+3.60%) |
Oct 22, 2026 4d ago | Press Release | $15.28 $14.73 | ▲ +3.60% | ▲ +4.31% | $14.73 (+3.60%) |
Oct 14, 2026 12d ago | Press Release | $15.44 | awaiting T+1 | — | $14.73 (−4.60%) |
Aug 31, 2026 8w ago | 8-K | $15.63 $16.00 | ▲ +2.37% | ▲ +1.92% | $14.73 (−5.76%) |
Jul 23, 2026 13w ago | Press Release | $15.34 $15.80 | ▲ +3.00% | ▲ +2.98% | $14.73 (−3.98%) |
Jul 21, 2026 13w ago | EFFECT | $16.05 $15.75 | ▼ −1.87% | ▼ −1.75% | $14.73 (−8.22%) |
Jul 10, 2026 15w ago | Press Release | $15.76 $15.67 | ▼ −0.57% | ▼ −0.93% | $14.73 (−6.54%) |
Jun 30, 2026 16w ago | 8-K | $16.37 $15.82 | ▼ −3.36% | ▼ −3.23% | $14.73 (−10.02%) |
Jun 25, 2026 17w ago | S-3 | $16.65 $16.56 | ▼ −0.54% | ▼ −2.19% | $14.73 (−11.53%) |
Jun 12, 2026 19w ago | Insider Cluster | $15.74 $15.35 | ▼ −2.48% | ▼ −4.24% | $14.73 (−6.42%) |
US Market Status
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